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<br /> . <br /> "Construction Plans" means the site plan, lltility plan, grading and drainage plan, <br />landscape plan, elevations drawings and related documents on the construction work to bc <br />performed by the Redeveloper on the Redevelopment Property, together with the resolution of <br />the Authority approving such plans. <br /> "County" means the County of Ramsey. <br /> "Event of Default" means an action by the Redeveloper listed in Article IX of this <br />Agrcement. <br /> "Holder" means the owner of a Mortgage. <br /> "Market Value" means the market value of real property as determined by the County <br />Assessor of the County for real estate tax purposes. <br /> "Miuimum Improvements" me= the improvements to be const11lcted by Redeveloper on <br />the Redevelopment Property consisting of Phase I, Phase II, aad Phase JIll Phase m and Phase <br />]Y, all to be constructed in accordance with approved Const11lction Plans. <br /> "Mortgage" means any mortgage made by the Redeveloper which is secured, in whole or . <br />in part, with the Redevelopment Property and which is a permitted encllIIlbranee pursuant to the <br />provisions of Articles VII and VIII of this Agreement. <br /> "Net Proceeds" means any procceds paid by an insurer to the Redeveloper or the <br />Authority under a policy or policies of insurance required to be provided and maintained by the <br />Redeveloper pursuant to Article V of this Agreement and remaining after deducting aU expense's <br />(including fees and disbursements of counsel) incurred in the collection of such proceeds. <br /> - <br /> "Parcel" means a parcel of the Redevelopment Property on which a Phase is to be <br />constructed. - <br /> "Phase" means either Phase J, Phase II af Phase IlJ.1..Phase 111 or Phase IV. I <br /> "Phase r' !Ream that Jls!'tieB sf tae Minimure IiRpfG'/smems een5istwg af a J ]$,000 I <br />Bltt'Bie foet afii.se/"'arelle!lse aevelejlmeat. <br /> "Phase If' means that portion of the Minimum 1mprovements e~Bs:sMg sf a 105,990 I <br />W1ich is currently proposed to consist of a 140 532 square foot office/warehouse development. <br /> "Phase III" means that portion of the Minimum Improvements e8BlliGting sf a 1 gj ,OOg I <br />)'/hich is currently proposed to consist of a \ 05 444 square foot office/warehouse development. <br /> "Phase 1 Pualia ~I:8~.~ern~ntsn melms HUN fJ6nisa ef:ae Publie Imfl'FGT:ememtB aessEeea .. <br />all SliM SE. the ~ftBti 8e1iBdiHe B. <br /> 4 <br />lot/m'd 6t"0L. L.c6 C't9 '~'d '3~I3a ~ A3la~~a I <br /> Nl:9t lo661-n-~f1l:I <br />